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Resale & Rental Flats Up, Oct BTO Launch (HDB Q2 2024)
HDB is launching 8,500 new flats in October 2024 as resale prices climb 2.3% and demand outpaces supply.
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Daily.SG Newsroom
Archive · 26 Jul 2024
KEY POINTS
- ●HDB will launch 8,500 Build-To-Order flats across 15 projects in October 2024, with applications closing 15 September 2024
- ●Resale Price Index rose 2.3% in Q2 2024, while resale transactions jumped 4.0%, signalling strong demand
- ●Most properties sold remain below the million-dollar mark, supporting affordability despite price increases
- ●Tight supply continues to drive prices up as demand grows; HDB is on track to launch 100,000 flats between 2021 and 2025
- ●Rising prices and competition for flats are raising concerns among families about mortgage affordability
IN SIMPLE TERMS
The government's public housing agency is releasing nearly 8,500 new homes for people to buy, because existing homes are getting more expensive and harder to find. People can apply for these new flats starting now if they have the right paperwork.
WHY IT MATTERS
New flat launches directly increase housing options for first-time buyers and families seeking upgrades.
Rising resale prices signal a tightening market where supply cannot keep pace with demand.
Affordability concerns are growing as prices climb, making long-term mortgage planning critical for buyers.
High competition for the October BTO launch may result in oversubscription and lottery-style selection.
WHERE DO YOU STAND?
Should the government prioritise releasing more flats quickly, even if it means spreading resources thinner across projects?
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- Singapore’s Housing & Development Board plans an about 8,500 flats BTO launch in Oct 2024.
- HDB Resale Price Index sees a 2.3% rise in Q2 of 2024.
- Resale transactions increase amid tight supply and growing demand.
The increase in flat supply shows HDB’s promise to meet public housing needs.
Boosting Flat Supply amid Rising Demand
As the Resale Price Index goes up by 2.3%, the HDB is getting ready for a big launch of flats this October 2024.
A total of 8,500 flats will be offered in 15 new Build-To-Order (BTO) projects.
These flats will meet various needs by having Standard, Plus, or Prime types.
By launching these flats, HDB tries to improve affordable housing options.
People who want to buy must apply by 15 September 2024 with a valid HDB Eligibility letter.
Here are some important facts that stand out:
- It aims to launch 100,000 flats from 2021 to 2025.
- Q2 2024’s HDB Resale Price Index (RPI) is at 187.9, up by 2.3%.
- Resale figures rising by 4.0% show a busy property market.
Resale Market Activity and Trends
According to the Housing & Development Board, “
We remain on track to launch a total of 100,000 flats from 2021 to 2025.“
The resale market has seen a 2.3% increase in the RPI, showing steady growth.
Transactions for resale flats are up by 4.0%, showing healthy demand.
Most properties sold stayed below the million-dollar range, helping affordability.
However, the lack of supply has added to the rising demand and prices.
Look at these numbers to get a quick idea of the HDB situation:
| Q1 (Jan-Mar) 2024 | Q2 (Apr-Jun) 2024 |
|---|---|
| 183.7 Resale Price Index (RPI) | 187.9 RPI (2.3% increase) |
| 7,068 Resale Transactions | 7,352 Resale Transactions (4.0% rise) |
| 58,355 Flats Rented Out | 58,596 Flats Rented Out (0.4% increase) |
Addressing Rising Housing Concerns
Not everyone is happy, as some worry about the rising prices as demand grows.
Families need to be careful with property purchases, thinking about long-term mortgage payments.
The government will watch these conditions closely, ready to change policies if needed.
The coming BTO exercise might see high competition due to public interest.
With good planning, Singaporeans can find suitable homes despite market trends.
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